Developer Plans $1 Billion in Investments in Boca Raton

BOCA RATON, Fla., July 26, 2011 /PRNewswire/ -- Glenn Gromann, President/Member of 1750/Center Realty Associates/Prestige International Realty, announced today plans to invest approximately $1 Billion in redevelopment projects in the City of Boca Raton. After completion of the successful "The Milan at Town Center" office project, Gromann sought foreign and other investors to complete a mixed use project to be prospectively known as "The Fountains at Town Center" on nearby property. The Milan project houses the Florida headquarters of Comerica Bank, and is also home to CBIZ Goldstein Lewin, the local arm of the national accounting and professional services firm. Plans for a high-end Miami-style club called "Sofia at Milan" which Gromann plans to do with local chef Angelo Morinelli  are also proceeding with financing commitments in place. The Sofia at Milan is a unique concept and the only use of its kind currently approved in the City. "Expect some celebrity involvement," says Gromann.

The mixed use "Fountains" project at Town Center is expected to be between 250,000 and 500,000 square feet and run in the $250 Million to $450 Million range.  The project is slated to include high-end retail, boutique hotel, multiple restaurant uses, banks, specialty office and both rental and condo residential uses. "Whoever is not currently in the Town Center area is going to want to be involved in this project. The best thing about this project is that I am not really competing with anyone in the area. I am bringing new and specialty uses which complement the existing infrastructure and provide a value-added benefit and draw to the existing office and retail components." The proposed residential space in this pedestrian friendly project will add density and customers for all of the local businesses. "The smart tenants are already lining up for space," cites Gromann.

Boca Raton was a natural choice and not a difficult sell for investors. "This is one of the best managed cities in the country. The Mayor and City Council work well together and with the City Manager's office, and the city's staff is some of the best around. The CRA has done a fantastic job with the downtown area," states Gromann who sits as the Chairman of the Downtown Boca Raton Advisory Committee.  An internationally recognized locale, "Boca always recovers faster after an economic downturn and property values and rental rates are typically some the highest in South Florida. We have just gone through one of the most cataclysmic real estate downturns in history yet the City of Boca has kept taxes low and credit ratings high."  

Along with the Sofia club, Gromann is currently looking to build two or three boutique hotels under a national franchise both in Downtown Boca and on Atlantic Avenue in Delray Beach. "We are in the right climate for well-planned development in Boca; those who do not move quickly are going to miss out. As we say in the Downtown 'It's happening!'" notes Gromann.

For More Information:

Glenn E. Gromann
[email protected]
561.289.7440

Rose Irvine
[email protected]
561.981.6042

SOURCE Center Realty Associates